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The central London pied-à-terre

Above: this south-facing studio apartment overlooking the Aurora Gardens, Battersea Power Station, comes with a free gym membership and has more than 400 sq ft of space. £425 per week. batterseapowerstation.co.uk

In prime London’s property market, small is beautiful.

The market for pied-à-terre apartments is bucking all trends, with prices for studio and one-bedroom flats rising by up to 11.2 per cent over the past two years, while prices for larger homes have fallen. Experts say this is because the pied-à-terre – literally “foot on the ground” – allows buyers with more flash than cash to purchase a home in a fabulous area while avoiding higher rates of Stamp Duty. And, in a nervous market, it is a lower risk investment than buying a larger and more expensive property.

Above: this ground-floor apartment has a spacious living area, a separate bedroom and a private entrance. In a prime position for the amenities of Askew Road. £550,000; marshandparsons.co.uk

But David McKee, director of McKee & Co, South Kensington, believes the strength of the pied-à-terre is about more than taxes and post-Brexit market sentiment. “They have got a great market appeal to a wide cross section,” McKee says. “People buy them as rental investments, for sons and daughters, they will buy for students, or for their own use if their primary home is outside London,” he says. “They are bought by first-time buyers and in South Kensington people will also buy them for staff.”

Above: the lobby of the Chancery Quarters development in WC2. A one-bedroom apartment in this period conversion starts from £825,000. knightfrank.co.uk.

Exclusive research on the pied-à-terre market across prime central London by Hamptons International shows patchy but overall impressive capital growth from studio and one-bedroom flats. Prices across prime central London dropped around seven per cent in the last year, but in West Kensington and West Brompton the average price of these smaller properties increased by more than seven per cent.

Above; cleverly arranged so the bedroom can be separated if needs be, this studio flat is in a charming caretaker-maintained block just off King’s Road. £675,000. johndwood.co.uk

Over the past two years, the strongest performance was recorded in West Kensington (up 11.2 per cent), while price growth of over eight per cent has been achieved in Hammersmith, West Brompton and Notting Hill.

Above; Original steel-framed windows ensure this Shad Thames studio feels light and spacious. It features a separate kitchen and fitted storage. £500,000; cluttons.com

Looked at over the last five years, pied-à-terre prices have shown serious inflation, led once again by West Kensington, where values have shot up by 99 per cent. In Kensington prices are up 88 per cent since 2011.

And even the “worst” performer, Paddington, has seen prices rise by 32 per cent over the past five years.

Above; featuring a separate kitchen, this immaculate bright and airy studio apartment is in a quiet residential street in South Kensington. £675,000; carterjonas.co.uk

When Crossrail opens next year Paddington’s fortunes might rise because, for McKee, the perfect pied-à-terre is close to good transport links. It should also be “cosy and charming”, and with excellent views and good light to make up for its modest size. “On a garden square would be ideal,” he adds.

Edward Simpson, director of Ashdown Marks in Chelsea, has noticed owners and developers getting smarter about the design and layout of small flats. “They have very clever ways of making spaces multi-purpose,” says Simpson. “We are seeing kitchens in cupboards which you can close away, and bedrooms with pull- down beds that convert into sitting rooms when you have guests visiting.”

Above: a lower-ground floor studio in a quiet tree-lined street in Kensington, with a separate kitchen and laundry room. £845,000. struttandparker.com

Developers are also getting in on the act, including increasing numbers of what they euphemistically style “suites” in new schemes – effectively hotel rooms with ensuite bathrooms and small kitchenettes, plus use of communal facilities such as swimming pools and spas.

Above; In a portered Art Deco building on Sloane Avenue, this seventh-floor studio is curved on one side and features a walk-in wardrobe. £695,000. bective.co.uk

“I suspect that a lot of developers went back to the drawing board in 2015 to make sure that schemes designed when prime central London’s market was booming are still saleable,” says Rowland King, director of sales at Chestertons’ Chelsea office.

“London property is still seen as very safe global asset class, and overseas buyers are looking at a very healthy exchange rate on the way in. But the fact is that while there is not much of a market for 4,000 sq ft apartments right now, small units are selling.”